Visa introduces digital tool that prevents new account fraud

The US cardholders spend an average of 15 hours to resolve new account fraud

new account fraud

Visa introduces digital tool that prevents new account fraud. Source: shutterstock.com

Visa has announced an Advanced Identity Score to help US financial institutions with combatting account fraud.

It combines Visa’s AI and predictive machine learning capabilities with application and identity-related data. They generate a risk score for new account apps to help lower fraud and eliminate operational costs due to remediation.

Besides, Advanced Identity Score can reduce the number of new accounts opened with stolen identities and protect clients against synthetic ID or account takeover fraud.

Visa’s mission to connect the world and enable individuals, businesses, and economies to thrive is more important than ever with COVID-19 affecting communities and all parts of the economy. As consumers, financial institutions, and merchants focus on controlling expenses during uncertain times, the cost of new account fraud in terms of money and time lost can be significant. Advanced Identity Score offers financial institutions a powerful tool to use on top of existing systems and processes to prevent identity-related fraud. This is the latest example of the value that Visa brings with its scale and expertise in combining data with AI to deliver advanced services that benefit participants in the digital economy
Melissa McSherry, senior vice president and global head of Data, Security and Identity Products and Solutions at Visa

We’ve reported that Duke University researchers have developed an AI tool that can turn blurry photos of people’s faces into computer-generated portraits.

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